The Painful Truth of It

Some day, you'll appreciate this opportunity to quit filling your head with nonsense.

The Washington Post’s solution to our economic woes . . . Minting Trillion Dollar Coins! (Not kidding.)

Trillion_Dollar_Coin

In its attempt to keep up the massive spending that big government requires, and to bolster the president’s resolve — and quell public discontent — regarding intransigence in the fiscal-cliff “negotiations,” the Washington Post humiliates  itself by promoting an idiotic idea: that minting two TRILLION DOLLAR COINS could be the solution to our economic woes.  (See URL http://www.washingtonpost.com/blogs/wonkblog/wp/2012/12/07/could-two-platinum-coins-solve-the-debt-ceiling-crisis/?print=1.)

According to the article, “Joseph Gagnon of the Peterson Institute for International Economics [says] “There’s nothing that’s obviously economically problematic about it,” as if the following inevitable economic catastrophes are no big deal to these unrepentant spend-a-holics:

(1) Devaluationary collapse of the U.S. dollar (i.e., you’ll need to convert your worthless U.S. dollars to Chinese Yuan before attempting to buy anything from overseas, and eventually you’ll need Yuan to buy anything here in America, too, if the seller has thought things through);

(2) Massive inflation (e.g, loaves of bread for $2,500, gasoline at $5,000 per gallon); and

(3) Total loss of creditor confidence (i.e., you only get to burn your lenders once, then you’ll never have access to borrowing again).

What’s amazing is that the Washington Post seems to know that its readers will swallow the bullshit in this article, and consider themselves informed for doing so.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Information

This entry was posted on December 13, 2012 by .
%d bloggers like this: